Swanbridge Capital invests in IPaDiC

Rotterdam, July 20th, 2018 – IPaDiC, a private company that aims to develop an implantable insulin pump, announced today that it has secured funding for the first phase of development. The funding allows IPaDiC to develop and validate a prototype of the insulin pump, called Dialin. The funding is provided by Swanbridge Capital, Sytske Foundation, Stichting DON and Diabetes Fonds.

About 1% of diabetes type 1 patients do not respond to subcutaneous insulin injections, since in their case the insulin does not reach the bloodstream. These patients therefore rely on an implantable insulin pump that deposits the insulin directly in the abdominal cavity. So far, such an implantable insulin pump has been manufactured by Medtronic. However, Medtronic has announced it will stop the production in the near future. The team of IPaDiC has committed itself to develop an improved, more patient friendly version of the implantable insulin pump and has been working relentlessly over the past few years in preparation of prototype development. The implantable insulin pump is lifesaving for patients with diabetes type 1. Currently there are 70 patients carrying an implantable insulin pump in the Netherlands, with 350 patients in dire need and a further 650 that would qualify.

Gerrit Stam, CEO van IPaDiC: ‘The availability of a new implantable insulin pump is crucial for the quality of life of diabetes type 1 patients. Without a new pump, many of these patients would need to rely on infusion treatment. We are more than delighted that we have been able to assemble this consortium to provide the financial means to develop the new pump. We are convinced that this collaboration would make this project a great success.’

‘The plans of IPaDiC could have a lasting impact on the care of diabetes type 1 patients, as no alternatives will be present shortly. However, the development of such a device brings many challenges. We have a lot of confidence in the technology and the team and are delighted to be able to support IPaDiC with both funding and knowledge,’ according to Nicky Rijk-Vogels, Fund Manager of Swanbridge Capital.